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GenaCL600 [577]
3 years ago
11

The traditional income statement for Pace Company shows sales $900,000, cost of goods sold $600,000, and operating expenses $200

,000. Assuming all costs and expenses are 70% variable and 30% fixed, prepare a CVP income statement through contribution margin.
Business
1 answer:
Olin [163]3 years ago
3 0

Answer:

net income = $100000

Explanation:

given data

sales = $900,000

cost of goods = $600,000

operating expenses = $200,000

variable = 70%

fixed = 30%

solution

 CVP income statement

sales =   $900,000

total variable cost = sales - ( cost of good sold ) - (operating expenses )

total variable cost = $900,000  - ( $600,000 × 70% ) - ($200,000 × 70%  )

total variable cost = $560000

and

contribution is $340000

fixed cost = ( cost of good sold ) - (operating expenses )

fixed cost = ( $600,000 × 30% ) - ($200,000 × 30%  )

fixed cost = $240000

so net income is = contribution - fixed cost

net income is = $340000  - $240000

net income = $100000

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Answer:

C) Situational interviews focus on hypothetical incidents rather on actual work incidents

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3 years ago
Hugo Inc., a calendar year taxpayer, sold two operating assets this year. The first sale generated a $38,700 Section 1231 gain,
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Answer:

$20,700 ordinary loss

Explanation:

Based on the information given if the first Operating assets generated a gain of the amount of $38,700 while the second assets generated a loss of the amount of $59,400 after been sold out which indicate or means that Hugo should recognize the amount of $20,700 ORDINARY LOSS which is calculated as :

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3 years ago
Perch Co. acquired 80% of the common stock of Float Corp. for $1,600,000. The fair value of Float's net assets was $1,850,000, a
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Complete question:

Perch Co. acquired 80% of the common stock of Float Corp. for $1,600,000. The fair value of Float's net assets was $1,850,000, and the book value was $1,500,000. The non-controlling interest shares of Float Corp. are not actively traded. What amount of goodwill should be attributed to the non-controlling interest at the date of acquisition?

a. 150,000

b. 250,000

c. 0

d. 120,000

e. 170,000

Answer:

150,000 of goodwill should be attributed to the non-controlling interest at the date of acquisition

Solution:

A non-controlling interest (NCI) is a role in which a owner holds less than 50% of remaining and has little control over decisions. A minority ownership is often known as the minority interest. Non-controlling interests are calculated by their net worth and are not eligible for future right to vote.

Now , Calculate the amount

Cost(PP) - 1,600/0.8 = 2,000

FV - 1,850

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